About 600,000 borrowers rose above negative equity in the second quarter of 2012, CoreLogic reported Wednesday.
According to the company’s analysis, 10.8 million, or 22.3 percent, of residential properties with a mortgage remained underwater for the second quarter of 2012. The second quarter figure is a decrease from the first quarter of this year, when 11.4 million properties, or 23.7 percent, were underwater.
Even though negative equity is said to be a driving factor for default, 84.9 percent of underwater borrowers managed to stay current on their payments. Read more
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